March 12, 2014
Mr. Venu G. Somineni, Founder and CEO, MyDeals247, started off by sharing his experience of working with the Microsoft team and developing the control panel on the Windows OS. He said that it is really a matter of pride to see so many Indians working in the US and working on the technology field. His only concern was that Indians are the ones to develop the product and are really good in creating them but all are developed in the US based companies. Even if there are ideas being generated, people do not know how to invest in it financially. There are fast growing industries in areas like the Internet and Renewable energy and he specially feels the future of Marketing lies with the Online industry as with so much technological advancement very soon almost everyone will have access to the Internet which they will increasingly use for fulfilling their requirements.
So, as there are many problems as stated above by Mr. Venu, he came up with the following business model for MyDeals247.
- Real-Time market place: Where a buyer would post on MyDeals website what he wants, and within 15 min, there will be various numbers of sellers who will be bidding for the same.
- Personalized advertisements: Advertisements are the main source of revenue for business that operates online. It’s a platform where people will post their videos about their products and after seeing the video the viewer has to answer few questions and they will receive some benefits like they will get to purchase products from Mydeals, recharge cell phones and if it’s more that Rs.500 will be transferred to Bank A/C.